Fitch lowers Argentia view to negative

Fitch Ratings said it affirmed Argentina's long-term foreign-currency issuer default rating at B and revised the outlook to negative from stable.

The outlook revision reflects sharply weaker economic activity and uncertain prospects for multi-year fiscal consolidation and market financing availability, Fitch said.

Fitch said it assumes that in 2019 the government will achieve the fiscal adjustment targeted in the budget and that the recently renegotiated International Monetary Fund program will help it fully cover its financing needs.

But the agency said it sees downside risks amid a nascent economic recession and election cycle.

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